Dolly Varden Silver Corporation Announces an Additional Strategic Investment from Hecla Mining Company

VANCOUVER, April 18, 2013 - Dolly Varden Silver Corporation (TSX VENTURE:DV) (OTCBB:DOLLF) ("Dolly Varden" or the "Company") is pleased to announce that its strategic investor Hecla Mining Company ("Hecla"), through a wholly-owned subsidiary, has exercised its pre-emptive right to maintain its 19.94% interest in Dolly Varden and acquired 15,064,700 shares of the Company at a price of $0.18 per share, for gross proceeds of $2,711,646.

This financing, in part, replaces the 10,000,000 shares traded in the transaction announced on February 27, 2013. Subsequent to this financing, Hecla owns 26,202,919 shares of Dolly Varden for a 19.94% interest in the Company. All of the securities issued pursuant to the private placement are subject to a four month hold period expiring on August 18, 2013.

No additional finder's fees were paid for this final tranche of the financing, announced on February 12, 2012. Any finder's fees associated with this tranche were paid in advance, on the closing of the first tranche, announced on March 20, 2013.

Mr. John King Burns, Chairman of the Company, states that, "We are very pleased to see Hecla Mining Company, our strategic partner and investor, continue its support of Dolly Varden Silver Corporation. Their substantial ongoing investment in Dolly Varden and their strategic assistance is a testament to the experienced team we've assembled and the prospects of our Dolly Varden property. We look forward to advancing our drilling and infrastructure program this spring and summer with the goal of defining a high-grade silver resource on our existing four deposits, and identifying an Eskay Creek-type VMS deposit at our Red Point target, just northwest of our existing mines."


About Dolly Varden

Dolly Varden Silver Corporation is a Canadian-based mineral exploration company focused on the exploration and development of the 100% owned, historic Dolly Varden silver and gold property located in northwestern British Columbia. The Dolly Varden silver property consists of 9,400 hectares which includes four well-defined high grade silver deposits, two of which have seen historic production totaling 20 million ounces of silver. All four deposits have remaining historic mineral resources and are situated in the same geologic setting as the past-producing Eskay Creek gold-silver-rich VMS deposit. The Company has two strategies for creating value at the Dolly Varden silver project: to confirm the historic silver resources with the goal to re-start the mining of historic deposits and to explore a major, untested Eskay Creek-type gold and silver rich VMS target, located northwest of the past producing mines.

The Company's common shares are listed and traded on the TSX-V under the symbol DV and in the U.S. under the symbol DOLLF.


FORWARD-LOOKING STATEMENTS:

Certain of the statements and information in this press release constitute "forward-looking statements" or "forward-looking information" Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward looking statements or information relate to, among other things, the Company's exploration plans for the Dolly Varden silver property.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, need for additional capital by the Company through financings, and the risk that such funds may not be raised; the speculative nature of exploration and the stages of the Company's properties; the effect of changes in commodity prices; regulatory risks that development of the Company's material properties will not be acceptable for social, environmental or other reasons and the efforts and abilities of the senior management team. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES



Contact

Vanguard Shareholder Solutions
Martin Gagel, MBA, CFA
Vice President
604-608-0824 or 877-608-0829

Strata Star
Gary Lindsey, Investor Relations
1-720-273-6224
gary@strata-star.com

Dolly Varden Silver Corporation
Ron Nichols, P. Eng., CEO and President
1-778-383-3083 or Toll Free: 1-855-381-3530
www.dollyvardensilver.com